Wednesday, September 21, 2016

29th Street Capital Acquires Fifth Metro Denver Property

The Wesley Towers Southeast Denver, CO

Jay Neal
Denver, CO – 29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has acquired The Wesley Apartments, a 105-unit multifamily community in Denver, Colorado.

29SC plans to invest $1 million to significantly renovate the interiors and enhance the exterior. This represents 29SC’s fifth acquisition in the Denver market.

“The acquisition of The Wesley Apartments provides another excellent opportunity to expand 29th Street Capital’s portfolio in the Denver market,” said Jay Neal, 29SC’s Vice President of Acquisitions for Colorado. “We look forward to bringing an improved living experience to the residents and creating value for our investors.”

29SC plans to invest approximately $1 million ($10,000 per unit) in capital improvements to renovate all the apartments and enhance the exterior.

Interior upgrades will include new appliances, cabinets and countertops, paint and flooring, upgraded bathrooms and high quality fixtures.

Asbury Plaza Apartments, Denver, CO
Budgeted capital improvements for the exterior will include high-efficiency window replacements, balcony renovations and landscape upgrades. 29SC expects to unlock expense savings by sharing some operational costs with nearby Asbury Plaza, which 29SC acquired last year.

Upon completion of the capital plan, The Wesley’s attractive apartments are expected to compete more effectively with surrounding properties in the well-located Southeast Denver submarket.
The acquisition closed Friday, Sept. 16, 2016. The sale price was not disclosed.

For investment inquiries, contact:
Stan Beraznik, Founder and Managing Principal at 29th Street Capital

For a complete copy of the company's news release, please contact:

Terri Thornton
Partner, Thornton Communications
Phone: 404-932-4347

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